TrinityPoint Wealth LLC boosted its position in Commerce Bancshares, Inc. (NASDAQ:CBSH) by 11.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,115 shares of the financial services provider’s stock after purchasing an additional 515 shares during the period. TrinityPoint Wealth LLC’s holdings in Commerce Bancshares were worth $297,000 as of its most recent SEC filing.
Other institutional investors have also recently bought and sold shares of the company. Gemmer Asset Management LLC lifted its position in shares of Commerce Bancshares by 79.4% during the first quarter. Gemmer Asset Management LLC now owns 452 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 200 shares in the last quarter. CX Institutional bought a new position in shares of Commerce Bancshares in the first quarter worth $28,000. Pearl River Capital LLC bought a new position in shares of Commerce Bancshares in the fourth quarter worth $28,000. O Shaughnessy Asset Management LLC bought a new position in shares of Commerce Bancshares in the fourth quarter worth $48,000. Finally, Toronto Dominion Bank bought a new position in shares of Commerce Bancshares in the fourth quarter worth $72,000. Institutional investors and hedge funds own 63.87% of the company’s stock.
Several research firms have recently weighed in on CBSH. Zacks Investment Research raised shares of Commerce Bancshares from a “sell” rating to a “hold” rating in a report on Wednesday. DA Davidson decreased their price target on shares of Commerce Bancshares to $60.00 and set a “neutral” rating on the stock in a report on Friday, April 12th. Stephens reaffirmed a “hold” rating and issued a $62.00 price target on shares of Commerce Bancshares in a report on Thursday, April 11th. Finally, BidaskClub cut shares of Commerce Bancshares from a “hold” rating to a “sell” rating in a report on Friday, March 15th. Three research analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $62.68.
Commerce Bancshares (NASDAQ:CBSH) last released its earnings results on Thursday, April 11th. The financial services provider reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $0.91 by ($0.06). The firm had revenue of $324.73 million during the quarter, compared to the consensus estimate of $333.99 million. Commerce Bancshares had a net margin of 30.39% and a return on equity of 15.65%. On average, research analysts expect that Commerce Bancshares, Inc. will post 3.67 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, June 24th. Investors of record on Friday, June 7th will be paid a $0.26 dividend. The ex-dividend date is Thursday, June 6th. This represents a $1.04 dividend on an annualized basis and a yield of 1.75%. Commerce Bancshares’s dividend payout ratio is presently 27.51%.
In related news, EVP John K. Handy sold 1,634 shares of the stock in a transaction on Monday, February 25th. The stock was sold at an average price of $63.70, for a total value of $104,085.80. Following the transaction, the executive vice president now owns 40,368 shares of the company’s stock, valued at $2,571,441.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO John W. Kemper sold 7,075 shares of the stock in a transaction on Friday, February 22nd. The shares were sold at an average price of $63.41, for a total value of $448,625.75. Following the completion of the transaction, the chief executive officer now directly owns 150,252 shares in the company, valued at approximately $9,527,479.32. The disclosure for this sale can be found here. In the last three months, insiders sold 24,005 shares of company stock worth $1,504,453. 3.60% of the stock is owned by insiders.
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Commerce Bancshares Profile
Commerce Bancshares, Inc operates as the bank holding company for Commerce Bank that provides retail, mortgage banking, corporate, investment, trust, and asset management products and services to individuals and businesses. It operates through three segments: Consumer, Commercial, and Wealth. The Consumer segment offers various banking products and services, including consumer deposits; consumer loans, such as automobile, motorcycle, marine, tractor/trailer, recreational vehicle, fixed rate and revolving home equity, and other consumer loans; patient health care financing; real estate loans; indirect and other consumer financing; personal mortgage banking; consumer installment lending; and consumer debit and credit bank cards, as well as provides online banking services.
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